PROPERTY giant Ayala Land Inc. (ALI) said it intends to use the proceeds from a block sale of shares in its real estate investment trust AREIT Inc. to fund ongoing and future investments.
ALI and its wholly owned subsidiaries, AyalaLand Offices Inc. and Glensworth Development Inc., last month raised roughly P5.6 billion following the sale of 181 million common shares in AREIT at P31.10 apiece.
The property developer, in a recent filing, said proceeds would bankroll a Tarlac land acquisition, four residential projects in Metro Manila, and three office developments in Laguna, Cavite and Iloilo.
“All disbursements for such projects are intended to be distributed within one year upon receipt of the proceeds from the sale of AREIT shares,” it said.
ALI said it may develop the projects on its own or through its subsidiaries and affiliates, in which case the transfer of funding from the parent firm to the relevant unit will be done via capital infusion or shareholder financing.
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